Carlyle International Energy Partners has successfully acquired a portfolio of highly promising exploration and production assets in Italy, Egypt, and Croatia from Energean for Oil and Gas, marking a significant investment valued at up to $945 million. The transaction is slated for completion by the year’s end.

Among the notable assets included in this deal is the Abu Qir field, renowned as one of Egypt’s foremost gas production hubs, along with a stake in Cassiopea, Italy’s largest gas field by reserves.

This acquisition represents a pivotal move for Carlyle, reinforcing its foothold in the dynamic energy landscape of the Mediterranean. This region is witnessing robust growth in natural gas demand, making it a strategic area for future energy developments.

The addition of these new fields is expected to bolster Carlyle’s production capacity by approximately 47,000 barrels of oil equivalent per day. It also leverages Carlyle’s extensive expertise in successful exploration and production strategies.

In alignment with its strategic goals, Carlyle plans to establish a new, independent entity focused on exploration and production activities specifically within the Mediterranean region. This initiative aims to capitalize on the region’s burgeoning energy market and facilitate sustainable growth opportunities.

Commenting on the acquisition, Bob Maguire, CEO of Carlyle International Energy Partners, expressed optimism: “We see tremendous potential to enhance the value of these assets through immediate operational advancements, organic expansion, strategic mergers and acquisitions, and steadfast support for ongoing carbon reduction initiatives.”

Tony Hayward, former CEO of BP and current CEO of SierraCol, who will serve as Chairman of the new venture, added, “This acquisition positions us to build a resilient and leading enterprise in the Mediterranean, a pivotal region driving global growth in natural gas.”

Carlyle’s strategic acquisition underscores its commitment to advancing energy solutions while contributing to the sustainable development of the Mediterranean’s energy sector.